UK financial planning group Fairstone has said it plans to launch a junior finance academy in a bid to educate Brits about finance at an early age.
This comes as a survey by the firm found 33% of people in their twenties taking financial advice wished they’d started at an even younger age.
Lee Hartley, Fairstone chief executive, said: “It is important for younger generations to be educated and informed on financial matters to demystify the subject and to empower them with the confidence to start their financial journey early.
“These conversations should start within the family as savings and investment habits develop over a lifetime, with family culture and age all impacting on decisions that are made.
“To support this, we are launching our junior finance academy, which will include educational platforms which have been developed by university academics in partnership with financial institutions, to help inform the children of our clients on important financial issues, in a fun and accessible way.
“As a sector, we need to prepare ourselves for the future where the younger generation will be with more money that they are used to having and needing to make it work harder than ever before.”
Survey
In other news, a survey by Fairstone revealed a third of people in their twenties taking financial advice wish they had started at an even younger age.
A further 50% of people polled across all age groups echoed this sentiment, with 98% saying they thought starting a financial plan as early as possible is beneficial.
Further highlights of the survey revealed:
- 87% of clients have made provision in their savings for the fact people are living longer;
- One-in-10 clients aged 65+ started financial advice in their 20s;
- 40% of clients started financial advice in their 40s;
- 69% of clients have introduced their children/grandchildren to the concept of financial advice;
- 42% of women currently invest in responsible portfolios compared to 36% of men; and
- Women appear to be more risk averse with a third more male than female clients seeing market fluctuations as an opportunity to make investment gains.
Hartley added: “One statistic that stood out was that 98% of clients thought that starting a financial plan as early as possible was critically important. This clearly shows that our clients see the value of expert advice with a long-term view to maximise their investments, navigate volatility and achieve financial security.
“On a broader stage though, there is still much to be done across the sector to educate people about the importance of seeking financial advice and the value in starting that journey as early as possible.
“That poses a challenge and a wake-up call to our sector; as financial institutions we need to be focussed on assisting consumers to have access to first-class advice and support at the right time in their lives, to empower and enable them to make better financial decisions.”
